“Sales of new detached homes in the first three months remain exceptionally strong with the second strongest start to the year since 2016, eclipsed only by last year,” stated HIA Economist Tom Devitt.
“Building approvals fell by a remarkable 27.9 per cent in January 2022, as Omicron disrupted the record boom in home building,” stated HIA Economist Tom Devitt.
The children attending Kids Club childcare centre, Killara, are enjoying their new centre full of stimulating outdoor play areas.
“The value of loans, excluding refinancing, issued for housing towards the end of 2021 was elevated as demand remains very strong,” stated HIA Senior Economist, Nick Ward.
“The number of building approvals issued in November 2021 increased by 3.6 per cent compared to the previous month, with both detached and multi-unit approvals increasing for the month,” stated HIA’s Chief Economist, Tim Reardon.
“Demand for new detached and multi-unit housing has remained strong, suggesting that the current boom in home building will be sustained throughout 2022,” stated HIA Chief Economist, Tim Reardon.
“The cost of residential land has risen more than twice as fast as the cost of building materials over the past year,” said HIA Chief Economist, Tim Reardon.
“The reopening of renovations in occupied homes ahead of schedule will provide a much needed boost to the residential building industry and help many families who have been waiting for their home renovations projects to either commence or resume,” said HIA’s Victorian Executive Director, Fiona Nield.
“Today’s (October 13 2021) data from the Australian Bureau of Statistics confirms the size of the HomeBuilder boom, with more detached house commencements than in any previous quarter or year on record,” stated HIA Economist Tom Devitt.
The decision by the Victorian Government to shutdown all building sites in Melbourne and certain municipalities for the next two weeks is both disappointing and challenging for the residential building industry.